Growing demand has increased sales for Fastenal in Q1 2017, up 6.2% while fastener sales returned to growth. Non-fastener sales grew too, at 9.4% and peaking in March with double-digits growth.
The distribution giant saw pre‐tax earnings grew at their fastest pace since Q2 2015 (5.5%) during the period. The quarter also saw it close the acquisition of industrial and fastener supply distributor Mansco – Fastenal’s largest to date.
Fastenal is pressing ahead with its aim of 275 to 300 Onsite signings in 2017 (it completed 176 in 2016). So far it has achieved 64 new onsites, with 437 active locations (up 51.2%). Onsite Solutions are the company’s bespoke offerings for businesses, where it brings expertise, products and solutions within a business’ four walls for “cost savings and productivity gains”.
Sales through Fastenal’s growing fleet of vending units grew in double digits. With a goal of 22,000 gross signings in 2017, it has signed 5,437 vending units in Q1, up 17% annually.
Total National Accounts sales rose 9.2% in Q1 2017 and sales to 64 of Fastenal’s Top 100 customers grew in the period. Daily Sales of CSP product–including CSP 16 stock put into the stores last year– rose 10.4%.
Headcount was lower annually but increased alongside business activity. There was a lower store count from Q4 2016 to Q1 2017 thanks to the closure of locations that were consolidated into nearby facilities.